UBS marks takeover milestone as Credit Suisse is no more [Yahoo! Finance]
ETRACS Crude Oil Shares Covered Call ETNs due April 24, 2037 (USOI)
US:NASDAQ Investor Relations:
credit-suisse.com/articles/media-releases/2017/04/en/usoi-launch-pr.html
Company Research
Source: Yahoo! Finance
In March 2023, Switzerland's biggest bank was strongarmed by the government into buying Credit Suisse over fears that the second largest lender in the country might go under and spark a global financial crisis. In a statement, UBS said Credit Suisse AG -- or limited company -- had been deleted from the Canton of Zurich's commercial register, and has thus ceased to exist as a separate entity. The bank added that Credit Suisse AG's clients are now considered to be clients of UBS AG. However, Credit Suisse customers may continue to use Credit Suisse tools and platforms for an interim period, except in certain cases. "Today we have achieved a significant milestone in our integration journey," said UBS chief executive Sergio Ermotti. Under pressure from the Swiss government, UBS agreed to take over the troubled lender for $3.25 billion, a modest sum for an institution ranked among the 30 banks worldwide considered too big to fail. However, the takeover opened up a new chapter
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News
- UBS Group (UBS) Closes UBS AG and Credit Suisse AG Merger [Yahoo! Finance]Yahoo! Finance
- UBS Announces Assumption of Three Outstanding Credit Suisse ETNs; Rebranding as "ETRACS" [Yahoo! Finance]Yahoo! Finance
- UBS Wealth Management Role Split In Executive Board Reshuffle [Yahoo! Finance]Yahoo! Finance
- UBS reshuffles group executive board [Yahoo! Finance]Yahoo! Finance
- Swiss bank UBS to restructure board before Credit Suisse merger [Yahoo! Finance]Yahoo! Finance
USOI
Sec Filings
- 6/3/24 - Form EFFECT
- 5/31/24 - Form POS
- 5/30/24 - Form 6-K
- USOI's page on the SEC website